|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||5.00 - 5.43|
|52 Week Range||4.27 - 29.95|
|Beta (5Y Monthly)||-0.12|
|PE Ratio (TTM)||6.37|
|Forward Dividend & Yield||0.51 (9.84%)|
|Ex-Dividend Date||Mar 22, 2021|
|1y Target Est||N/A|
Malaysia's Top Glove said on Thursday its glove production has been affected because of a U.S. ban on its products over allegations they are made with forced labour. A "certain percentage" of Malaysian production has been affected because of the ban, but the impact will be temporary, Top Glove chairman Lim Wee Chai said on a call with reporters. The company also said it has stopped all shipments to the United States from Malaysia and that it was working "expeditiously" to resolve forced labour issues.
(Bloomberg) -- Foreign investors are using the selloff in Malaysian glove makers to return to last year’s stock market stars.Top Glove Corp. and Supermax Corp. are among the top three stocks on the buy list of foreigners this year through April 2, attracting net inflows of 1.4 billion ringgit ($340 million), according to CGS CIMB Research. Global funds bought a net 189.9 million ringgit of Press Metal Aluminium Holdings Bhd., the brokerage said in a report.Shares of glove makers were one of Asia’s hottest pandemic trades for much of 2020 before the rollouts of vaccines around the world weakened their appeal and became targets of short sellers. The three biggest glove stocks, including Top Glove Corp., are the worst performers in Malaysia’s benchmark equity gauge this year.“There is still significant value to be derived from Malaysian glove players which command 65%-68% of the global market share,” Kenanga Investment Bank Bhd. said in a report. Glove stocks are trading at “unwarranted” 6 times to 10 times 2022 price-earnings ratios and offer dividend yields of 6%-8%, it said.Top Glove rose 2.9% and Supermax climbed 2.3% at the close on Wednesday. They have slid more than 50% from their October peaks, dragging valuations to rock bottom levels. Top Glove trades at about six times forward 12-month earnings, versus its one-year mean of 15.3 times. Supermax is priced at 3.8 times compared with its average of 15 times, Bloomberg-compiled data show.Pressure on Top Glove deepened late last month when the U.S. Customs and Border Protection ordered personnel at U.S. ports of entry to seize its gloves made in Malaysia over allegations of forced labor.That fueled concerns over its environmental, social and governance practices that have come under greater scrutiny in industries including palm oil. In contrast, Press Metal’s stock is the top gainers on the main index as its focus on ESG has made it a favorite among investors.(Updates with closing prices.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- As the world’s biggest glove maker stumbles because of ESG concerns, a metal producer’s focus on environmental, social and governance practices has made it a darling among investors.Press Metal Aluminium Holdings Bhd. surged 18% in the March quarter to become the best performer on Malaysia’s benchmark stock index. The company, whose plants run on hydropower, has rallied amid higher prices of the metal and bets that its products made with a smaller carbon footprint will be in demand.The global decarbonization agenda and rising investor interest in ESG factors have put Southeast Asia’s biggest aluminum smelter in a sweet spot. China is trying to meet a goal of carbon neutrality by 2060, leaving aluminum producers that run on coal-fired power in the government’s cross-hairs.The company’s hydro-run smelter means it uses renewable energy to produce the metal, which bodes well with ESG-centric clients, Low Jin Wu, an analyst at Hong Leong Investment Bank Bhd. said in a report.“Press Metal tops when it comes to ESG because of their strategic decision to position themselves in Sarawak with rich hydro-power as their power backbone,” said Chua Zhu Lian, investment director at Fortress Capital Asset Management Sdn. “There’s scarcity of low-carbon aluminum makers globally.”Top GloveShares of Press Metal have doubled from its October low to 10.06 ringgit. They climbed 1.6% at the close on Thursday. The company is now the eighth-biggest by market value in Malaysia’s stock gauge, surpassing Top Glove. A year ago, Press Metal languished in the bottom five, while Top Glove at one point in October was close to becoming the nation’s most valued firm.Top Glove shares have tumbled 24% this year as vaccine rollouts weaken its appeal. The rout deepened this week after the U.S. Customs and Border Protection ordered personnel at U.S. ports of entry to seize its gloves over allegations of forced labor.That’s a blow to Top Glove and comes as Malaysia’s key industries -- palm oil and gloves -- grapple with intense scrutiny over poor labor practices.(Updates with share price performance in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.